We briefly touched upon this in the roundup a day or two ago, but the real reason 41-year-old Scottie Pippen wants to make an NBA comeback is because he’s broker than Mike Tyson and MC Hammer. Combined.
Pippen said the charter-plane issue is one of many poor business decisions that were made primarily by a former agent, whom he blames for causing him to lose about $27 million in bad investments and questionable accounting. Pippen sued his former law firm in 2005, claiming he had been swindled, but he lost the case.
In terms of the plane, court documents claimed Pippen was using charter planes so often in 2001, when he was playing for the Portland Trail Blazers, that a pilot persuaded him to consider buying his own jet. Consequently, Pippen and his wife, Larsa, borrowed $4.375 million from an aircraft finance company, JODA LLC, in the St. Louis area.
U.S. Bank bought that note and filed suit against the Pippens in 2004, even though it was never clear if Pippen even got to use the Grumman Gulfstream II, a twin-engine corporate jet.
It doesn’t matter how dumb or out of the loop you are – letting $27 million slip through the cracks? And then not hiring a good enough lawyer to recoup any of it? This is actually depressing, and we feel terrible for
the lead singer of Digital Underground Pippen. Scottie sure is lucky Jay Mariotti is taking that much-needed ‘break’ from writing. Otherwise, he’d bang out a pretty nasty piece about how athletes go through money the way us commoners go through socks, how dumb jocks are, blah, blah, blah.
Who wants to tell Scottie that he should hit up Pacman for a loan? If he’s blowing $81,000 on strippers, surely he has a couple grand for Pippen, no?
Financial Woes Not Finished for Pippen (Sun-Times)